Buying a second home provides a
wonderful escape hatch from your day to day realities. You don’t have to make
any arrangements, you can pop in and out at your convenience, no reservations
or baggage, the home is suited to your personal needs and you can stay as long
as you like.

If you visit a location often,
the hotel and restaurant bills saved can easily pay for the maintenance costs.
And the home can appreciate in value making it an overall strong investment.
Many vacation home owners end up retiring in their vacation home, those
considering that option should buy a home in which they will be comfortable
living in year round.
Las Vegas offers many different
rental/vacation-home options. There are “condo-hotels” in which the hotel rents
out your unit while you’re away. They do charge management fees as well as
maintenance costs. A buyer needs to FULLY understand the management contract
prior to purchasing, some are quite complex.

Also, in Las Vegas, you can do home
vacation rentals. There are both management companies and online sites that can
procure tenants for you as well as set up maintenance and cleaning services.
Once you set up a program, it can be limited maintenance if you structure it
right. Once again, there are costs associated. Additionally, you must make sure
that the HOA allows short-term tenancy in the complex you buy. Purchasing a
vacation home to rent can be complicated and requires an experienced and knowledgeable
broker to facilitate the deal correctly.

Should you finance, the lender
will require a higher down payment and a slightly higher interest rate whether
it is purchased as a rental or a second vacation home. If you purchase the home
as an investment property, it may provide you tax advantages as well. Even as a
vacation home you may still be able to deduct your property taxes and mortgage
interest. Please check with your tax advisor.

Owning a vacation home can be a
wonderful benefit for you, your family and your friends. It’s a home in which
to draw together those closest to you. The memories will last a lifetime. With
sound guidance and planning, it can be a solid investment too.

If you would like any further
information about vacation home planning, please call the Real Estate offices
of Roy and Misty Cooke at 702-376-1515 or e-mail us at RealtyAce@aol.com